A new national bank, the Bohai Bank, is scheduled to open in Tianjin as part of the city's efforts to establish itself as a financial center.
The city is looking for ways to raise money for planned infrastructure projects, which are expected to cost RMB 700 billion (US$84 billion).
Details of the bank's shareholding structure were not released but will be crucial in ensuring that it operates as a for-profit institution and not just as a cash machine for favored local projects.
The city currently does not headquarter any of China's national banks.